CPP raises cash for debt deal NASDAQ-listed Capital Product Partners (CPP) has priced a follow-on equity offering that will enable amendments to its credit facilities. The mixed-fleet operator announced on 16 April that it will sell 12.8 million common units at USD9.53/unit, a relatively small 4% discount to the closing price
Dry bulk outlook sinks again Evercore ISI analyst Jon Chappell has cut his already low rate projections for the dry bulk sector even further because of "hideous" market conditions. Chappell had noted in February that rates were below operating costs, creating an "unsustainable" situation. "Well, 10 weeks later, not only are
Keppel set to 'tide through the downturn' Singapore-listed marine, property, and infrastructure company Keppel Corporation is confident it can "tide through the downturn" by cost management and seizing market opportunities as they come along. According to its filing at the Singapore stock exchange (SGX), the company's offshore and marine
Penguin reaches settlement with Wärtsilä Singapore-listed offshore marine services company Penguin International has reached an out-of-court settlement with Wärtsilä Ship Design Norway in a dispute over the termination of shipbuilding contracts in 2010. In a statement to the Singapore stock exchange, Penguin Shipyard International (PSI),
Three dockers die unloading coal in Antwerp Three dockworkers died after inhaling toxic gases while unloading coal from a carrier at the port of Antwerp on Saturday. The three workers had entered the hold of the Hong Kong-flagged Saga Frontier, owned by Saga Carrier, to clear away coal residue when the accident occurred. A spokesperson for
Crewman feared dead off Australian coast The search for a crewman lost overboard from the 17,859 tonne Liberian-flagged bulk carrier MV Sea Amity off the Queensland coast on Tuesday night has been suspended, the Australian Maritime Safety Authority (AMSA) announced today. The ship left the port of Townsville and was heading south past
MH370 search efforts redoubled Australian, Chinese, and Malaysian ministers have agreed to extend the search for the missing MH370 aircraft if it is not found in the priority zone next month. The third tripartite ministerial meeting in Kuala Lumpur on 16 April issued a communiqué acknowledging the importance of continuing the
Woodside's revenue plummets 20.1% Australia's Woodside Petroleum was the latest victim of cyclonic weather in the oil and gas market, listing a 20.1% drop in revenue for the March quarter on 16 April. Revenue fell to USD1.4 billion for the quarter and was down 15.9% from the same period last year. Last August, the LNG major
UMW-OG sues Frontier Oil for breach of contract Malaysia-listed oilfield and drilling services provider UMW Oil & Gas (UMW-OG) has filed a lawsuit against Philippines-based oil and gas exploration company Frontier Oil Corporation, seeking compensation for an alleged breach of contract. UMW-OG stated in its filing to the Malaysian stock exchange,
Kobe port's cargo traffic rises in January Cargo traffic in Japan's Kobe port climbed 6.6% in January from a year earlier to 7.632 million tonnes, according to preliminary figures released by the Kobe municipal government on 15 April. Of the 7.632 million tonnes, 4.010 million tonnes came from foreign trade, up 1.8% from a year earlier, and
South Korean president: Sewol will be hoisted South Korean president Park Geun-hye gave her word on 16 April that the Sewol ferry would be lifted from the Yellow Sea as soon as possible. Park made the promise during a visit to Jindo Island to mark the first anniversary of the capsizing of Sewol. On 16 April 2014, Sewol, carrying 476
Bulker operator Changhang Phoenix to re-list shares Changhang Phoenix, a bulk carrier operating unit of Sinotrans&CSC, recorded profit of CNY4.31 billion (USD696 million) for 2014, and aims to restore its listing in the Shenzhen Stock Exchange (SZSE), according to its performance briefing on 14 April. The company posted revenue of CNY982 million in
Bumi Armada's orderbook set to improve Bumi Armada's orderbook will strengthen in view of its new venture in floating LNG business, according to an analyst from Malaysian-headquartered CIMB Bank. Earlier in the week, the Malaysia-listed offshore services provider was awarded a MYR1.1 billion (USD300 million) contract to supply, operate,
Evergreen installs ClassNK energy efficiency software on its ships Taiwanese carrier Evergreen Marine Corp started to install ClassNK-NAPA GREEN software on chartered container vessels. Installation of ClassNK-NAPA GREEN aboard the vessels will offer Evergreen Line 'eco-efficiency optimisation' through trim optimisation as well as speed and voyage routing features, which are expected to reduce fuel consumption by 4-6% in trials, commented Juha Heikinheimo, president of NAPA Group.
Ezra wins multiple new awards worth $55m Singapore-listed offshore services provider, Ezra Holdings has secured multiple new awards from various oil and energy companies worth USD55 million. The contracts were signed by Ezra's subsea services division, EMAS AMC, which will engage in project support; inspection, maintenance, and repair
NYK Line boss: 'Creative innovation' key to growth Even as dry bulk shipping remains plagued by a tonnage overhang, providing creative solutions to customers will ensure continued business growth, according to shipping giant Nippon Yusen Kabushiki Kaisha's (NYK's) new president, Tadaaki Naito. 'Creative solutions' meant more than just technological
Analyst: HHI could return to profit this year A revival of very large crude carrier (VLCC) orders could return Hyundai Heavy Industries (HHI) to profitability this year, said an analyst. Media reports have linked the world's biggest shipbuilder with the National Shipping Company of Saudi Arabia's (Bahri's) plan to order up to 10 VLCCs. Each
Product potential: The case for product tankers Experts highlight promise of product tankers in an evolving energy landscape
Incheon New Port set for June opening Port will eventually boast two terminals and hopes to attract deepsea services
Ex-Maersk man takes the helm at Evergas Steffen Jacobsen steps up to the plate as Evergas seeks new leadership and growth
Economou books suezmaxes and aframaxes at Samsung $366m newbuilding spree adds to owner's burgeoning crude tanker presence
New president of NYK vows to focus more on logistics business Japanese giant to become 'integrated logistics company' rather than operator of boxships, Naito says in inauguration speech
Attack on Yemen LNG plant will lead to major firefight, warns ex-commando Security surrounding prized national asset is second to none, maritime security firm tells Lloyd's List
US east coast ports benefit from west coast woes Charleston secures double-digit container volume growth in March
Nor-Lines vessel makes longest LNG-powered voyage Delivery voyage from China to Norway required gas bunkers to be sourced in Singapore, India and Spain for single-fuel multipurpose ship
Antwerp reports robust volume growth Box traffic up 9.5% to 2.4m teu in the first quarter of 2015
Tankers: Expect a good 2015, but 2016 could pose challenges Next year is scheduled to see the second-biggest volume of crude tanker deliveries after 2011, according to new study
Opec oil exports rise to a two-year high Output increase may put paid to US shale plans
Federal Maritime Commission signs off west coast ports agreement Port operators, lines and shippers now have green light for talks over resolving congestion
Western Bulk calls 'time' on panamax trade Norwegian bulker owner admits that gains from synergies between supramax and panamax fleets never materialised
Capital Product fundraiser grosses $122m Updated: Proceeds earmarked to pay down existing credit facilities with offering expected to close April 21
Legislation to 'fast track' trans-Pacific trade deal introduced WASHINGTON - New legislation unveiled Thursday would give U.S. President Obama "fast track" authority to negotiate an ambitious trade accord with 11 other Pacific nations and set the course for what will be one of the toughest battles of the president's last 19 months in office. Ranking members of the Senate...
Drewry Supply Chain Advisors Concludes Container Shipping is Cutting CO2 Emissions In its April Logistics Executive Briefing for Importers and Exporters, Drewry Supply Chain Advisors used its proprietary databases and results of other consultancy work to take a look at how container carriers are performing when it comes to reducing their carbon footprint. It concludes that "overall, international shipping is playing...
IAG CARGO DELIVERS INDIGENOUS AUSTRALIAN ARTEFACTS FOR HIGHLY ANTICIPATED BRITISH MUSEUM EXHIBITION IAG Cargo has successfully transported 10 irreplaceable artefacts and artworks for the BP exhibition Indigenous Australia: enduring civilisation, which opens on 23rd April. The items travelled over 10,000 miles from Australia to the UK through Secure, IAG Cargo's high-security service. The delivery was supported by IAG Cargo's role as official...
Weakening Chinese exports behind low container rates Weak exports from China are driving Asia-Europe container freight rates down to new record lows, according to the world's largest shipping association. On April 10, the Shanghai-Europe trade lane freight rate was down to $466 per TEU, including ocean freight and surcharges, the lowest on record since 2009, according to the...
GAO asked to study West Coast port congestion WASHINGTON - A U.S. senator is asking Congress's watchdog to study the labor-related disruption at U.S. West Coast ports, the latest sign of Congress getting more involved in curbing marine terminal congestion that threatens the nation's economic growth. Republican Sen. Deb Fischer on Wednesday sent a letter to Gene Dodaro, U.S. Comptroller...
Weak demand from Hong Kong, Japan drives Chinese export decline Reduced demand from two of its three top trading partners - Hong Kong and Japan - is driving the sharp decrease in China's exports by value. In the first two months of 2015, Chinese exports by value to Hong Kong, its second-largest trading partner, fell 6.5 percent year-over-year, while outbound shipments to...
Heavy congestion closes APMT gate in Nhava Sheva APM Terminals-operated Gateway Terminals India in the Nhava Sheva port complex is waging an apparently unending battle with congestion that has now forced a temporary halt to gate-in of export cargo and import pickups, producing costly delays for shippers and transportation providers. "Due to heavy congestion at the GTI terminal gate,...
UTi Appoints Ditlev Blicher and Hessel Verhage to lead freight forwarding business LONG BEACH, Calif., April 16, 2015 (GLOBE NEWSWIRE) - UTi Worldwide Inc.(Nasdaq:UTIW), a global supply chain services and solutions provider, announced that Ditlev Blicher and Hessel Verhage have been appointed as co-presidents of the company's global freight forwarding business. Both had served the company in regional leadership roles and continue to report...
ABS Group announces new president and CEO (Houston) ABS Group of Companies, Inc. (ABS Group) is pleased to announce the appointment of Todd Grove as its new President and CEO. Grove most recently served as Senior Vice President and Chief Technology Officer for ABS Group's parent company, American Bureau of Shipping (ABS). With more than 30 years at...
CN to invest $400M in western rail lines Canadian National Railway on Thursday announced plans to invest US$400 million into infrastructure improvements in its Western Canada feeder rail lines. The multi-year plan will see the largest railroad in Canada bankroll roughly C$500 million worth of line improvements in Alberta, Manitoba and Saskatchewan. Freight volumes in these territories have increased more...
Zim's CEO says it will be back in the black this year, and growing LONDON - "There will be a positive bottom line this year," says Rafi Danieli, CEO of Zim Integrated Shipping Services, the Israeli ocean carrier that is finally emerging from seven straight years of mounting losses and a multibillion-dollar restructuring that saved it from bankruptcy. In an interview with JOC.com in London,...
FMC gives green light to West Coast congestion discussion strategy U.S. maritime regulators have approved an agreement allowing terminal operators and equipment managers on the West Coast to work with shipping lines, trucking companies and railroads to tackle congestion. The Federal Maritime Commission on Wednesday said commissioners unanimously voted to allow the Pacific Ports Operational Improvements Agreement to take effect on...
US exports of logs and lumber continue slide Full-size chartU.S. exports of logs and lumber via ocean container declined year-over-year in January for the fourth consecutive month, partly because of declining demand from China and unfavorable exchange rates. After growing 9 percent in 2014, the trade outlook for logs and lumber for 2015 looks disappointing as the housing...
Stronger economy, healthy demand boost revenue at Top 50 motor carriers A resurgent economy kick-started the revenue engines of the largest U.S. trucking companies in 2014, fueling the most rapid growth those big freight haulers have seen in three years. The data behind The Journal of Commerce's list of the Top 50 Trucking Companies, prepared by SJ Consulting Group in Pittsburgh, clearly...
Seattle, Tacoma alliance takes shape amid growing competition SEATTLE - Just as ocean carriers use vessel-sharing alliances to improve scope of service and to rationalize their assets, the ports of Seattle and Tacoma are forming an alliance to improve productivity and eliminate excess capacity. The Seaport Alliance should begin to take shape later this summer after it goes through...
Yang Ming joins Wan Hai, PIL and Cosco in Asia-Mideast loop Yang Ming Line, Wan Hai Lines, Pacific International Lines and Cosco Container Lines have jointly kicked off a new container service between the Far East and the Middle East. The weekly service, which Yang Ming calls the CG2, employs six vessels of around 5,500 20-foot-equivalent units. Of these, Yang Ming has deployed...
Carriers push April GRIs to May with little hope of a rate rise this month HONG KONG - Freight rates from Asia to Europe and the Mediterranean are at such low levels that container carriers are withholding increases or delaying the GRIs until May 1. So far Maersk Line has announced a GRI on its Asia-Mediterranean service of $850 per 20-foot container and $1,700 per...
Rapid supply of China warehousing not fast enough to satisfy inland demand HONG KONG - China's west, central and northeast regions are witnessing the country's fastest growth in logistics space as supply chains develop in response to the continued shift in manufacturing activity inland from the coast and the growth of lower-tier retail markets, according to real estate management firm JLL.Huge investment...
Ridgway takes BP bow BP chief executive Bob Dudley paid tribute to retiring shipping boss John Ridgway at the oil major's annual general meeting today.
Capital could bag $140m Capital Product Partners could rake in over $140m from its latest call on investors if its fund raiser goes to plan.
Jacobsen in at Evergas Ex-Maersk man Steffen Jacobsen will be the new CEO of Denmark's Evergas following the transfer of Martin Ackermann to BW LPG.
Yemen delays hit ships Ships operated by Rickmers and Helikon Shipping are among those to have suffered delays as a result of the conflict in Yemen.
NAO pushes back PSVs Nordic American Offshore (NAO) has postponed delivery of two platform supply vessels (PSVs) in a dire offshore market.
Navios fixes trio Navios Maritime Acquisition has secured 12-month contracts at firm daily rates for one VLCC and two MR2s.
Sewol to be raised South Korea's president has promised to raise the Sewol ferry one year after the disaster which claimed the lives of 304 people.
Bulker released Singaporean bulker player Mercator Lines' oldest panamax has been freed from arrest after the company deposited a court security.
Keppel makes less in Q1 Keppel Corp has seen its first quarter profit take a 5% hit on the back of lower revenue, but the company's orderbook still remained strong.
HMM plots $550m sale Taiwanese securities house Yuanta has entered into negotiations to acquire the bulk carrier unit of Hyundai Merchant Marine (HMM) alongside a few terminals.
First Steamship stronger First Steamship has benefited from higher revenue and lower finance costs to push up 2014 profit.
Cyber solution? A consortium of international shipping associations is drawing up guidelines to tackle cyber security issues faced by the industry.
Penguin settles suit Singapore shipbuilder Penguin International has reached an out-of-court deal after a four-year legal battle with Wartsila Ship Design Norway over a cancelled contract.
Antares cools sales talk Greek owner Antares Shipmanagement has dismissed market reports it has shed its largest ship.
Zhongchang seals loan Chinese bulker owner Zhongchang Marine is tapping a domestic lender for a short-term loan of CNY 300m ($48.43m).
Three die in Antwerp Three dockworkers have died at the port of Antwerp while unloading coal from a docked open-hatch carrier on Saturday.
ABG seeks cash India's loss-making ABG Shipyard has confirmed it is looking for investors to boost its finances.
Backlog fall spells peril Redundancies could hit Norwegian yard workers as the country's orderbook falls.
EMAS wins $55m of work Ezra Holding's EMAS AMC has won new subsea contracts worth $55m.
Five crew missing Five seafarers are missing after their cargoship capsized off Shanghai.
Steer clear of Yemen Singapore flagged ships have been advised against calling at ports in Yemen due to the deteriorating situation in the country.
Saade gets a gong Jacques Saade has received one of France's highest honours for his work in establishing CMA CGM, the shipowner has confirmed.
Skuld re-jigs Greek office Skuld has named Kjell-Ake Augustsson as the new head of its marine insurance operation in Greece.
PIL has eyes on Brazil Pacific International Lines (PIL) is reorganising its services from the Far East to the east coast of South America.
Capital plans fundraiser Capital Product Partners is looking to raise fresh funds to pay down debt facilities, the company disclosed late Wednesday.
MPA urges Singapore-flagged vessels to avoid Yemen As security is 'deteriorating'.
Russia's economic downturn 'to hit' Port of Hamburg Port to focus on growing other markets to overcome Russian decline.
Report: Maersk Oil to cut 200 jobs Employees and contractors will be 'impacted' at firm's Denmark, Qatar and UK locations.
Fishing vessel pollution monitored by authorities Russian ship sank off coast of Gran Canaria.
Stocks dip but fuel oil inventories remain high 'There has just been too much oil these two months. Tanks are mostly flooded,' says Singapore-based trader.
Bunker dispute vessel released Owner leaves money with court.
More lines agree switch to low sulphur fuel Shenzhen transport officials say seven major shipping lines have joined the port's Green Convention.
'Vessel Performance Manager' promises improved efficiency New system will cut bunker consumption, emissions and costs.
Historic voyage by LNG-powered coastal vessel 'LNG is not just for short sea coastal ships.'
Weak markets provide incentives for fuel efficiencies 'Energy-efficient designs offer a competitive edge in a depressed market.'
Report: Fuel consumption for containerships down Due to three factors, says Drewry Supply Chain Advisors report.
Bomin reaches into Copenhagen Development marks the 'first of several planned expansions' within group's network.
TOTE orders LNG bunkering system To support refuelling of new gas-powered boxships.
Scrubber manufacturer introduces financing option Finnish scrubber provider 'promises' scrubber unit for EUR 975,000.
Researcher: LNG to dominate alternative bunkers market Meanwhile, ship designers taking 'key interest' in nuclear propulsion.
Hong Kong bunkering firm eyes Pearl Delta expansion Move to bring 'significant business growth and revenue contribution'.
WTI crude increases to highest level of 2015 As a break in the US Shale boom signalled a potential easing of the country's supply gut.
Singapore Shipping Association appoints technical director Captain Ang has over 40 years of experience in the maritime industry.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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